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Monday, November 03, 2008
Market Winners and Losers: Sprint, Office Depot
By David O'Brien
FOXBusiness
The major market indexes were mixed, but little changed, on Monday, Nov. 3 ahead of the election. Here’s a list of some stocks that were the biggest winners and losers in the trading session.
Winners
Hartford Financial Services Group Inc. (HIG)
Despite Moody’s lowering Hartford’s debt ratings because of the insurer’s weakened credit profile, the company ended the day up 59.21% and last traded at $16.43. The company maintains that capital levels are strong, and that its more than $2 billion in cash will help the company maintain a good rating -- even if the industry continues to take a downturn.
Sprint Nextel Corp (S)
With a favorable ruling from the FCC expected Tuesday, the company’s stock rose to nearly $4.00 up almost 27% as a joint venture with Clearwire (CLWR) to spin off WiMax.
Principal Financial Group Inc. (PGI)
In a similar report to HIG, the company reports that it has plenty of capital. The company also has a conference call tomorrow to discuss third-quarter earnings, which it reported Monday after the market closed. These two events combined to drive the stock up 17.90% to end the day at $22.39.
Cigna Corp (CI)
Like many in the insurance industry, Cigna is vehemently denying capital concerns and says its capital position remains strong. The stock finished trading at $19.15, up17.5%.
Frontier Communication Corp (FTR)
The stock traded today at $8.84, up 16.16% as it pushed to have Tuesday’s FCC meeting delayed; that meeting could bring a number of unfavorable rulings related to subscriber line charges.
Losers:
Office Depot (ODD)
The country’s second-largest office-supplies retailer took a hit after Credit Suisse Group AG called its shares overpriced, driving the stock down nearly 20% to $2.89.
Dynegy Inc. (DYN)
As it prepares to release earnings on Thursday, the company started the week low after being one of the largest gainers from last week. Shares ended the day trading $3.15 -- more than 13% -- down.
Weatherford International (WFT)
Analysts have bleak earning hopes for several companies in the oil service industry. It’s expected the company along with others will have earning down nearly 25%; this caused the stock to fall 11% to $15.03.
General Growth Properties (GGP)
A deal between the debt-laden company and Simon Property Group about a possible buyout has failed. The stock fell nearly 10% ending the day at $3.73. It was also hurt by heavy refinancing costs it’s going to face in 2009.
D.R. Horton Inc. (DHI)
The property-development company watched shares fall 9.5% to $6.68 as UBS cut its earnings estimate; it continues to be hampered by the housing slump.
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